The following Restructuring & Insolvency guidance note Produced in partnership with Mark Craggs of Norton Rose Fulbright provides comprehensive and up to date legal information covering:
This Practice Note forms part of a set of Practice Notes on airline insolvency, for further information, see Practice Notes:
Guide to airline insolvency—introduction
Guide to airline insolvency—insolvency proceedings and use of receivership
Guide to airline insolvency—Monarch Airlines case study
As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. References to exit day in many Brexit SIs are to be read as reference to IP completion day (Implementation Period completion day, defined in clause 39 as 31 December 2020 at 11.00 pm) (unless that provision is expressly disapplied by the SI in question). For further details, see News Analysis: Brexit—impact of the Withdrawal Agreement and European Union (Withdrawal Agreement) Act 2020 for R&I lawyers and Brexit Bulletin—key updates, research tips and resources.
For cross-border insolvency, the Insolvency (Amendment) (EU Exit) Regulations 2019, SI 2019/146 have an impact. For further details, see Practice Note: Brexit—impact on Recast Regulation on Insolvency.
In the event of an airline entering into insolvency proceedings, it may be necessary for the responsible insolvency office-holder or a lessor or financier to take action
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